(1) If its presentation is honored, the beneficiary warrants:
(a) To the issuer, any other person to whom presentation is made and to the applicant that there is no fraud or forgery of the kind described in ORS 75.1090 (1); and
(b) To the applicant that the drawing does not violate any agreement between the applicant and beneficiary or any other agreement intended by them to be augmented by the letter of credit.
(2) The warranties in subsection (1) of this section are in addition to warranties arising under ORS chapters 73, 74, 77 and 78 because of the presentation or transfer of documents covered by ORS chapters 73, 74, 77 and 78. [1961 c.726 §75.1100; 1997 c.150 §13]
Section: Previous 75.1030 75.1040 75.1050 75.1060 75.1070 75.1080 75.1090 75.1100 75.1110 75.1120 75.1130 75.1140 75.1150 75.1160 75.1170 NextLast modified: August 7, 2008